Investment property
In a prosperous economy, people like to live large. Everything seems to take on
Corporate relocations are hardly glamorous. Often, employees are told of
If you"re on the hunt for an apartment right now, you"ve probably noticed that you"re in good company. Each weekend, hordes of hunters arrive at the newest and most luxurious complexes. The apartment business is growing increasingly competitive in many markets, and leasing companies are offering tempting specials to sweeten the deal and lure prospective renters away from competitors. Working in this kind of "every man for himself" climate, however, requires a little prior knowledge before you begin your search. It really is a jungle out there.
Your company has just transferred you to Washington, D.C. The problem is, you currently live in Chicago and know little if anything about your new hometown. You have two weeks until your scheduled start date in D.C. That leaves you with little time to find an apartment. So you turn to the Internet and try your hand at three national apartment-search sites: Rent.Net, AllApartments, and Apartments Plus. And how do you fare?
CoreNet Global, an international association of workplace and corporate real estate executives, and Jones Lang LaSalle, a leading real estate service provider, queried more than 2300 attendees of CoreNet Global Summits on four continents and learned that a large majority of companies around the world view sustainability as critical to their business and are willing to pay a premium to help their companies become more sustainable. CoreNet Global Summits in London, Melbourne, Denver and Singapore took the watershed survey called, "Sustainability Perceptions and Trends in the Corporate Real Estate Industry."
Imagine a place where a diverse group of the best and brightest minds gather to discuss the professional events and topics of the day. No, it"s not the hallway water cooler or a local diner but rather a virtual society where tips, techniques and opportunities are openly shared -- and encouraged. Welcome to the world of message boards, chat rooms and online forums; a world where builders can glean information, knowledge and new business by becoming registered users to an online community and specific sub-forums or specialty niches.
[Note: Earlier this year the management team at RealSource, a Salt Lake City-based commercial brokerage that for eighteen years has provided the circumstances to optimize and safeguard real estate investments for its clients, formed RealSource Development Company (RSDC) with the intention of buying land and constructing various types of income properties, including apartments, retail and office. I sat down with RSDC Vice President John Monk about working with builders and developers and whether this business model has been a success.]
Question: Our members approved a Rental Restriction Policy at the most recent annual meeting which grandfathered existing rentals. Should this policy be put in the recorded bylaws? If a unit is occupied by an owner"s relative, is the unit classified as a rental or as owner occupied?
Reports of home builder shares falling sharply and the potential for bankruptcy filings have saturated the news recently. The impact of a slowing housing market, coupled with credit tightening due to subprime market woes, are negatively impacting an industry that has an enormous impact on the global economy as a whole. Most analysts believe that in the coming months home sales will slow as mortgage market contraction continues until the credit markets settle down and an oversupply of homes in the resale market hurt builder bottom lines.
Control. Cost-efficiencies. Choice. These are three of many reasons why radiant heat is gaining in popularity with today"s time-strapped, environmentally-conscious, value-driven homeowners. For builders, radiant heat can help drive higher profits and bring back to market Gen X and Gen Y buyers who purchase products and services that afford them control, cost- efficiencies and choice.
Building your own home can be a truly rewarding project and a lesson in frustration all framed beneath one rooftop.
Looking for relief from the high cost of building materials?
An experiment that includes elements of the Big Brother reality TV show -- replete with hundreds of electronic sensors as well as microphones and video cameras -- goes much further by bringing science to task examining how people use technology in their homes.
A sentiment on the wall of a friend"s kitchen sums up the importance of this part of the house to the typical consumer:
Some homes built in the last 20 years are built of materials that are labeled “exotic” by the Home Inspection Industry.
Effective immediately, the Federal Housing Administration will no longer require approval of an entire planned unit development as a precondition for insuring mortgages on houses in that particular project.
Visualization -- the ability to "see" with the mind"s eye -- is one of the toughest tasks for an architect"s client.
In building housing for seniors, many of the successful developers focus on creating livable environments while being sensitive to residents" physical needs.
The technology to link a home systems into one central control is available, but how many home owners do you know who are really plugged in?
When you are lying at poolside in the recreation area of your new-home community, you should be aware that you are also engaged in a bit of "passive salesmanship.""
There must have been plenty of people in Buffalo last month who were bent over their shovels, dreaming of a driveway or sidewalk that could magically melt away that record-breaking seven feet of snow.
When it comes to new homes, what will be hot in the new year? Big homes, small living rooms, fancy kitchens and baths, and lots of amenities are among the things to look for in the housing market.
Although the number of proponents of environmentally-friendly construction practices is growing, it"s still not easy building "green."
Saving for your retirement home has been tough, but finally you can build the dream house you always wanted.
You"ve just put a contract down on a new house. Not just new to you, but brand new. As in new construction. You picked out your lot, your plan, your landscaping and even the color of your counter tops. What"s even better is that your builder also owns a mortgage company and if you get a mortgage from their firm they"ll either give you upgrades worth $5,000 or they"ll pay 1 percent of the $200,000 sale price toward your closing costs.
If you hardly ever use your living room but you would like a larger dining area for parties or those big family gatherings, you"re not alone.
Well-heeled home buyers with environmental concerns are giving more than lip-service to the growing energy crisis. In greater and greater numbers, they are willing to pay for clean, alternative, self-generating sources of power for their homes.
The 15-year FRM this week averaged 4.68 percent with an average 0.7 point, up from last week when it averaged 4.63 percent. A year ago at this time, the 15-year FRM averaged 6.18 percent.
Energy is the buzzword these days. Ever since deregulation was instituted, that silent entity upon which we have relied (and perhaps taken for granted) for generations is now in peril, especially in California, where utility companies are in huge trouble, hinting of possible bankruptcies and seeking rate hike approvals across the board.
It was an idea borne out of frustration. In an attempt to push the outside
Do you have a reliable system to get information to your HOA members quickly and accurately? Do you request suggestions and feedback? These are all signs of a proactive management style. Proactive managers welcome communication because it lets them know whether they are on track or derailed. As the saying goes, "The light at the end of the tunnel may be the headlight of an oncoming train." Better to know sooner than later.
You"ve tried to ignore it but it won"t go away. That bulge in the kitchen floor.
With the explosion of the senior housing market across the country comes the responsibility for homebuilders and those in the construction trades to be in tune with seniors" specialized needs. We hear of active adult and retirement living just about everywhere these days, assuming most homes in these communities are single level and may be designed with only two or three bedrooms since the growing family aspect has been eliminated from many of these lifestyle communities. What many of us may not realize, however is that an entirely new genre of construction amenities has been slowly emerging in the form of accessible building products geared specifically to that segment of the population.
Retro-chic is not dead. Just as Americans began having the yen to reproduce art deco and other blasts from the past in decorating, so new homebuilders are re-introducing timeworn, old fashioned concepts within new home designs. It seems the again popular front porch and country kitchen just aren"t enough to bring simpler times into our high-tech lifestyles; now even production homebuilders are coming up with a collection of smaller niche-spaces within their designs that may be old concepts, but scream of novelty nonetheless.
For any of you who are old enough to admit that they remember Disneyland"s
Believe it or not, the French people were not in love with their majestic Eiffel Tower when the magnificent structure was dedicated in 1889 by Gustave Eiffel. As a lofty tribute to steel, the Tower received a lukewarm reception from its French constituency. As we all know, today it is a landmark and point of pride for the people of France. Although steel framing has been around for centuries and is more commonly used in framing commercial buildings in the U.S, it is finally beginning to reach its stride in new home construction. Skyrocketing lumber prices have significantly spurred tens of
Lots of Estimates, No Guarantees..
It happens to everyone some time. You"ve made your choice in a new home, and
When you go to the grocery store and load up your cart, chances are you"ll purchase the same brand names every time. You may spend more on the cereal with the well-known brand name on it, but you tried the store"s generic brand that is supposed to be identical and it just didn"t cut it with your kids. It stands to reason that we tend become more comfortable with a product when we know what to expect each time we purchase it. Then we become creatures of
What do the words "custom made" bring to mind? Made to order? The notion of quality and craftsmanship? Or does it conjure up images of a unique product that stands alone?
What do you want in new home? To build a home to suit? Move into a model? Whether you build or move into a "spec" home, you want the process to be as quick and easy as possible, and that is why hiring a Realtor will help you work with builders.
A builder"s design center can be a veritable Disneyland of opportunities for
Is going "tankless" as liberating as it sounds? Is owning a tankless water heater a solid indication that you"re saving money while reducing environmental damage?
With the stock market still jumpy and investors worried that the global recession may not be ending soon enough, it may seem a little surprising to see strong positive signs in the home real estate market.
The half-page weekend ad in the local newspaper"s real estate section. The
An upgrade #5 carpet with a #2 pad. Some extra telephone and TV outlets. The
Seems like it has been an "us or them" thing for as long as I can remember.
Decisions, decisions, decisions! Never have we had so much choice in new home
Pressure! No, that"s not just the title to an old Billy Joel song; that"s
It"s funny how what sounds brand new in new home construction products is
Will it be the "Van Gogh " Plan at The Impressionist Series, or the "Prairie Glen" at Homes on the Range? It’s truly a toss up. After all, you have chewed up and spit out all the model homes in your price range. and it has come down to two. You just can’t make up your mind between the two. They are comparable in pricing, square footage, amenities, and lot size. What will help you make that all-important final decision?
Let"s face it. Your mortgage broker cousin Larry has known for months that
Mary Cook, president of Chicago-based Mary Cook & Associates Interior
Cities are beginning to discover that their greatest natural resource - people - are right in their own backyard. New developments are underway to restore decaying and abandoned areas to vital economic and residential centers to attract new residents and bring homeowners back from the suburbs. As the major attraction of these developments, the town square is being reintroduced as the gathering place for the community to conduct business, shop and be entertained.
When the building of a mansion rivals that of a commercial project, the skills and talents of experienced home builders and architects are that much more valuable. Not since the Gilded Age/Progressive Era of the Robber Barons have so many millionaires been created by an economy, and subsequently built megahomes reflect their glory.
A buyer"s market is technically defined as: "A market condition characterized by an abundance of goods available for sale."
Haggle.
School is in for financially troubled homeowners and others who don"t know the difference between a budget and a savings account, a default and a foreclosure or a credit report and a credit score.
Many real estate prognosticators have been worrying about the slowing of the appreciation rates across real estate markets nationwide, scaring many buyers out of the market. The Office of Federal Housing Enterprise Oversite released its 2nd quarter figures on average housing prices this month and many market watchers jumped on the "dropping prices" bandwagon.
When it comes to eventually moving into that dream home you"ve always wanted, keep in mind that many of the choices we make on a house are really driven by lifestyle desires, rather than lifestyle needs.
Every so often I"ll receive an email from an assertive investor who has purchased a house and started running their own real estate investment business. Recently one such emailer received a letter from a county or city agency telling them to cease and desist their activity. The letter was directed to me for a sympathetic ear.
If Green Acres is the place you want to be, a new report can help you trade in city life for a slice of rural America.
It"s official, folks. The yield curve flipped. Back in May, I wrote a column about the possibility of short-term rates eventually exceeding long-term rates, resulting in an "inverted yield curve." Well, it turns out I was right. The yield curve officially flipped on December 27th, when the yield on the two-year treasury bill edged up to 4.35 percent while the yield on the ten-year treasury bill fell to 4.34 percent.
Question: I am presently trying to purchase a two unit residential house in a neighborhood in Chicago that is appreciating quickly. The seller offered to sell it for $300,000. He told me that the building had been rehabilitated but when I hired a home inspector I found out that a lot of work hadn"t been completed. The inspector also told me that the front porch doesn"t meet city code requirements.
A couple of weeks back, I talked about selling houses during the holidays when really serious buyers are out in force.
The National Association of Realtors is reporting that May saw a gain in the sale of existing homes -- up by 2.4 percent.
Rate locks are key to keeping the lid on lending costs when interest rates begin to take off -- as they have for the past month and a half.
If you are looking for a home where grey matter matters, try the Green Mountain State of Vermont.
In an effort to cater to healthy and fit-minded homeowners, Soleil, a high-end condominium project in Miami"s Wynwood Arts District has gone the extra step. The condominiums once built will house a Fitness Concierge to assist residents in the 41-story building.
Realtors must take care how they approach the buyer and seller client of another real estate professional. To contact a seller directly, for instance, when the seller has listed his or her house with another agent, could be construed as "going behind the sign," as it"s called in the industry and violates the National Association of Realtors" Code of Ethics.
Question: My husband and I are considering purchasing a condo near our son"s college. The lender we spoke with offered us only the higher, investment property rate. She gave us three reasons:
Your home is not an island and, especially as you age, if the surrounding community isn"t livable you may be adrift in a sea that"s not so tranquil.
"I have enjoyed greatly, the second blooming … suddenly you find at the age of 50, that a whole new life has opened before you."
Property line issues have suddenly cropped up in the emails I"ve received in the past few weeks. It appears that homeowners are more aware of their property lines (specifically if a neighbor is violating it) during the spring and summer months than at other times. As we get out there and trim limbs (from the neighbor"s big oak tree), mend the fence (which is actually the neighbor"s), and try to clean up unsightly encroachments on the line, we become aware that the guy next door hasn"t kept up with his property and now the problem is personal.
Foreclosures in your neighborhood don"t just cost homeowners their homes -- as if that wasn"t bad enough -- they also depress nearby home values and rob the tax base for as long as two years.
Organization is a key element in preventing panic, particularly during times of crisis. This is because we think and behave from the rational parts of our brains. Once panic sets in, however, we no longer think rationally; rather our thoughts and actions come from the primal centers of the brain where survival overrides ration. If you have ever seen a mother protecting her young you will understand the power that primal instincts have over our behaviors. These instincts can lead to foolhardy decisions that may further endanger life. People have actually plunged to their death because they truly believed that they could survive a fall or the frigid waters of an ocean. This kind of irrational belief is a result of the fight/flight response system.
A standard homeowners insurance policy doesn"t cover what you think it does -- not flood or earthquake damage, not stolen or damaged vehicles on your property, not a break in the water service or sewage line and not termites moving in nor pets stolen away.
One of the other volunteers at the Saturday morning food cupboard handles marketing for environmentally friendly -- "green" -- products and services.
Spring is in the air, at least out here in sunny San Diego, California. And that has homeowners thinking about a landscaping makeover. A tastefully landscaped yard can not only create a soothing environment for you but also add value to your home when it comes time to sell. And there"s yet another landscaping benefit that"s richly improving yards and our environment.
Most of the key economic indicators for real estate continue to be at least moderately positive -- home sales are up, prices are stabilizing or up, unsold inventories are down, and even new unemployment filings are down slightly.
Although the change of seasons is a wonderful element of Canadian life, our homes often need help adapting to related shifts in temperature and weather. Seasonal home maintenance can mean accidents and injuries for homeowners who act without the right knowledge and care. It"s no surprise that emergency departments see an up-swing in traffic as soon as falling leaves drive property owners up ladders to clean eaves" troughs.
People who enjoy the hot, arid conditions of desert living -- and relatively lower home prices -- may soon find the cost of water shortages and rising temperatures are more than they bargained for.
With asphalt-melting temperatures zapping power transformers and turning out the lights in communities across the nation, a heat wave in the west spawned "Stage One" and "Stage Two" power alerts in California where utility officials sought voluntary reductions in energy use.
Blue tarp remains a makeshift roof for tens of thousands of homes across the Gulf Coast region, the Army Corps of Engineers is still plugging holes in New Orleans" levees, and the oil and gas industries are still cleaning up from last year"s hurricane devastation.
In the 6.7 Northridge, CA, earthquake in 1994, 55 percent of quake-related injuries were due, not to collapsing buildings, but because of falling and breaking objects -- televisions, pictures, mirrors and heavy light fixtures.
It was 1969 that the little village of Woodstock, NY was the center of a parallel universe, a place where 500,000 people went for a few days to enjoy music in a farmer"s field and to protest the policies that produced the war in Vietnam. But now, a little more than 35 years later, Woodstock is simply another quiet place in the wooded mountains 110 miles north of New York City.
Picking up a portable generator to temporarily restore power to your home during a prolonged outage is one thing, getting the juice to flow safely into the house is another.
Each year, thousands of homeowner associations across the country engage in complicated renovation projects that run the gamut from siding replacement to roof overhauls to dryrot repair to new decks and fences. Aside from the complexity of the tasks themselves, all need a carefully crafted construction contract that not only describes the scope of work and price but includes the fine print.
There"s no doubt Canadians are spending millions on renovations, but are they investing in the right things? Is every renovation loonie generating the maximum increase in property value?
Many schools are nearing the end of the year and that"s a sure sign that summer is on its way. As we approach summertime, many homeowners want to spruce up their homes with a decorating make-over to match the season. Try these 25 tips to bring the lazy, carefree summer days into your home.
[Note: To follow is an excerpt of a second interview with Bob Diamond, a practicing real estate attorney, real estate developer, and published author of three books on foreclosure investing. To listen to the show archive or download an MP3, go to www.IncomePropertyInvestmentTalk.com/051309.]
There"s lead-free paint and now there is nearly testosterone-free painters. A Hillcrest, California, company is capitalizing on its mostly female staff.
Did you hear about the homeowner association member who painted his townhouse flamingo pink with dark purple trim? The HOA Board was not amused, filed suit to have it changed, and won the case. But the whole issue may have been avoided with some proactive thinking on the Board"s part, to establish an approved color palette.
With three teenagers in the house heading to college in a few years, and several of my friends facing the same demographic, the discussion turns to whether or not it"s a good idea to purchase a house for your student instead of paying for rooming costs.
For years, there have been efforts by some insurance companies to shift exposures between condominium master policies and unit owners policies. This tug of war has intensified in recent years, as the master policy insurance market has hardened (harder to get and more expensive). Master policies provide coverage for common property and, often, unit fixtures.
Out here in mostly sunny San Diego, California gutter cleaning ranks right up there with shoveling snow. Most southern California homeowners don"t give it much thought, but across the nation, gutters are an important home accessory during inclement weather no matter where you live.
In an instant, the rain-drenched hillsides above the La Conchita, CA coastal village came roaring down Jan. 10, killing at least three residents, injuring nearly a dozen and leaving almost two dozen missing.
I have found in my short life that our "trending" chart can resemble a roller coaster rather than a blue chip company"s profits chart and that can mean major challenges when it comes to homeownership.
You would not buy a car and fail to insure it, would you? You would not buy a home and not insure it? Indeed, anything that is expensive to replace needs to be insured.
Sock away some firewood as a fill-in heating fuel now before the rush, fill up your heating oil tank before prices rise more and give your home the once over to determine how you can save on heating costs. One too many cold snaps this winter could break the budgets of households ill prepared for what it"s going to cost to keep the hearth warm by heating with gas or oil this winter.
I have a lot of tools; more tools, in fact, than I have jobs for.
Floridians and others in the path of recent hurricanes just discovered another reason to keep tabs on homeowners insurance.
As the country heats up over the summer months, the price of staying cool will get more expensive in the years to come. Starting in January 2006, all home units of central air conditioning and heat pump systems will have to reach a 30 percent higher level of energy efficiency. The US Department of Energy is hoping that the mandate will cool the need for new power plants and keep energy consumption under control.
The newest trend in laundry room remodeling reflects homeowners" demand for convenience while doing this chore, according to the Remodelors Council.
Here"s a compelling reason to consider organic gardening and landscaping at home: low-dose exposure to lawn care pesticides my cause injury to developing embryos before pregnancy is even noticed.
Federal Trade Commission commissioners voted unanimously 5-0 last week to require that telemarketers update or "scrub" their Do Not Call Registry list every 31 days instead of quarterly.
According to The Economist, a well-regarded British journal of opinion and analysis, "house prices are at record levels in relation to average income in America, Australia, Britain, Ireland, the Netherlands and Spain. The prices of British, Irish and Dutch homes are now 50 percent above their 30-year average relative to incomes. By the same gauge, property is "overvalued" by 23 percent in America, by 33 percent in Australia and 68 percent in Spain." (See: "Homing in on trouble," March 13th-19th, 2004)
One of the benefits I love the most about homeownership is the ability to avoid taxes. My house is a wonderful provider of deductions that save me thousands of dollars each year on my tax bill. Here are some deductions and tax reduction strategies you should be aware of as you approach April 15.
Winter is threatening to drag on a little while longer this year, but that doesn"t mean you have to wait any longer to inject some warmth into your new home. From the structure itself to the dûcor inside, there are plenty of ways to get a head start on spring.
Non-point source pollution, or "NPS," is people pollution. It is pollution that comes from everyday living such as walking pets, changing motor oil and putting fertilizer on your lawn. This is contrasted with the big kinds of pollution that we read about in the newspaper, such as oil tank leaks and illegal burying at superfund sites.
If you"ve recently gotten married or divorced, have improved your kitchen, or made your home safer, then the insurance industry says you should review your homeowners policy. You might be eligible for lower premiums, or you may need to increase your coverage so you"re not underinsured.
After Santa Cruz architect Michael O"Hern purchased two nearly identical Victorian homes on the same street he got around to retrofitting one with seismic upgrades but not the other before the Loma Prieta earthquake hit on Oct. 17, 1989. After the quake, damage to the upgraded home cost $5,000, but the other Victorian cost $260,000 to repair.
Most of us consider our homes a refuge, a place we"re always safe. Yet, home injuries send 20 million people to the hospital or doctor each year, according to the Home Safety Council. And in 2001 alone, the FBI reports that Americans lost $3.3 billion in property to 2.1 million burglaries. There is good news, though: You can take steps to protect your house -- and yourself -- to make injuries and crime less likely. Here are just a few tips:
The dog and I have a daily obligation -- we walk about a mile and a half each morning, mostly through woods and country-like roads by the house. This is good exercise for us both, as well as a way to count the deer, fox and raccoons that live nearby.
If you want to put the brakes on transportation costs, steer clear of making Dallas-Fort Worth, Anchorage, Houston, San Francisco, Seattle, San Diego and Minneapolis-St. Paul your home town.
If you"re gearing up for an August vacation or end-of-the-summer weekend getaway, you"ll want to keep not only your home safe, but your good name as well.
Are you cooking with gas? Or is electricity powering your meals?
There are no guarantees that real estate will provide you a return on your investment. While some people are able to sell their homes at a handsome profit, others are not able to sell without incurring a loss. If you think your home is losing value, what should you do?
Last week, I did a segment on dishwashers on a new show called “Your Morning,” which airs Monday through Friday on the Comcast cable network on the East Coast.
Yes, the home has a Laundry Room, but can you do laundry in it?
An increasing number of Americans are remodeling, upgrading, and uplifting
It"s not everyday you go looking for a mortgage.
The real estate market appears to be full of contradictions.
A second study forecasting millions of foreclosures sweeping the nation in the next few years, says it won"t matter what the Feds do to fix the problem.
As first reported here in January (Realty Times, Jan. 12, 2006), the Department of Housing and Urban Development is asking Congress to increase and simplify loan amount limits placed on Federal Housing Administration-insured mortgages.
In a move that could affect thousands of home buyers around the country this year, the Federal Trade Commission has asked an appellate court to order mortgage insurance companies to inform consumers whenever they raise monthly premiums because of negative information contained in credit files.
A decade ago, architect and "Not So Big" life style visionary Sarah Susanka started up the road to gurudom with a blueprint for living that extolled the values of living responsibly, sustainably and meaningfully.
Home buyers in high-cost markets -- and the realty professionals who work with them -- should be prepared for potentially significant cutbacks in the availability of payment-option and interest-only mortgages, starting early next year. Both types of loans offer buyers reduced monthly payments that allow them to afford high-cost houses.
Homeowners facing default on their mortgage too often take the head-in-the-sand approach and leave their No. 1 asset exposed to foreclosure.